CNOOC announces $2.3B Nigeria investment

Chinese state-controlled oil company CNOOC Ltd. said Monday it is paying $2.3 billion for a 45 percent stake in a Nigerian oil field in its first major investment since its failed bid to take over Unocal Corp. last year.
The deal adds to a multibillion-dollar string of foreign acquisitions by Chinese oil companies, which are aggressively pursuing energy supplies to fuel China’s booming economy.